Éditeur(s) : HAL CCSD
Résumé : This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors’ individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms related to board functioning and mechanisms related to director selection. We first show that the independence status, netted out unobservable individual heterogeneity, is negatively related to performance. This result suggests that independent board members experience a strong informational gap that outweighs other monitoring benefits. However, we show that industry-specific expertise as well as informal connections inside the boardroom may help to bridge this gap. Second, we provide evidence that independent directors have higher intrinsic ability as compared to affiliated board members, consistent with a reputation-based selection process.
https://hal.archives-ouvertes.fr/hal-01060211

hal-01060211
https://hal.archives-ouvertes.fr/hal-01060211
https://hal.archives-ouvertes.fr/hal-01060211v2/document
https://hal.archives-ouvertes.fr/hal-01060211/file/cahier%202014-29.pdf

Éditeur(s) : HAL CCSD
Résumé : While often criticized, independence remains the ultimate criterion for evaluating board composition, whether for regulators or shareholder activists. In this study, we examine the relationship between board independence and firm operating performance in a panel of French listed companies, paying particular attention to heterogeneity and endogeneity concerns. We take advantage of an original database, with a time-series dimension that can be used to mitigate heterogeneity and dynamic endogeneity issues through GMM estimators. In addition, this database can be disaggregated at the individual (director) level. This design enables us to introduce firm fixed effects and individual fixed effects in (firm) performance equations, thereby controlling for heterogeneity at the firm and individual levels. To our knowledge, this is the first paper so far to provide a systematic account on this issue for France. Our main result is to document a significant negative relationship between accounting performance and the independence status (irrespective of the person). This result supports the argument of an information gap suffered by independent board members, as developed by Adams and Ferreira (2007).
https://hal.archives-ouvertes.fr/hal-00919408

hal-00919408
https://hal.archives-ouvertes.fr/hal-00919408
https://hal.archives-ouvertes.fr/hal-00919408v2/document
https://hal.archives-ouvertes.fr/hal-00919408/file/cahier_de_recherche_2014-01.pdf

Éditeur(s) : HAL CCSD
Résumé : For ecology scientists, spatial statistics are a set of tools allowing characterization of the structure of a point set, for instance a map of trees in a forest plot. This structure is defined implicitly as a departure from complete spatial randomness (CSR), the result of a Poisson point process. Inhomogeneity of the process and non-independence of points are its causes. As they cannot be disentangled by analyzing the data, so-called "spatial concentration" or "aggregation" (evenness due to repulsion also exists but is actually rare) usually concerns non-independence while intensity is assumed as known. The literature of point processes and measures of spatial structures is reviewed to clarify concepts and choices. The purpose of this thesis was to produce methodological enhancements. Its main results are: * A test for the most used statistic, Ripley's K function, against the null hypothesis of CSR. It can replace Monte-Carlo simulations used until now in the literature. * An extension of K to inhomogeneous processes, within a typology of available statistics (absolute, relative and topographic measures). When data is available as number of objects per zones (say a number of tree in each forest plot) rather than their exact position, information theory is used to define a general framework allowing to characterize spatial structure (of species) and diversity (of plots) as two aspects of a single measure of inequality. This framework is applied to Shannon's index of biodiversity to derive a self-sufficient definition of beta diversity, its calculation independently from the difference between gamma and alpha diversity, and a statistical test of significance against the null hypothesis that plots are samples of the same community. The way is paved for other applications to measures of diversity and spatial structures. As a conclusion, it appears clear that pattern characterization tools are a first step to deal with ecological questionings. Their development is still a matter of research. Yet, they are far from sufficient to address ecological processes as point processes ignore the temporal aspect of object locations.
Les statistiques spatiales sont pour les écologues un ensemble d'outils permettant de caractériser la structure d'un semis de points, par exemple une carte représentant des emplacements des arbres dans une parcelle de forêt. Cette structure est définie implicitement comme un écart à semis complètement aléatoire, résultat d'un processus de Poisson. L'hétérogénéité du processus ponctuel dont le semis de points est une réalisation et la non-indépendance des points en sont les causes indiscernables, ce qui amène généralement à supposer l'intensité du processus connu et nommer " concentration spatiale " ou " agrégation " (la régularité spatiale est possible, mais rare en pratique) la non-indépendance. Une revue de la littérature des processus ponctuels et des mesures de structures spatiales est fournie pour clarifier les concepts et les choix. L'objectif de ce travail de thèse était de produire des améliorations méthodologiques. Ses résultats principaux sont : * L'établissement d'un test pour la principale statistique utilisée, la fonction K de Ripley, permettant de s'affranchir de la méthode de Monte-Carlo utilisée dans la littérature pour rejeter l'hypothèse nulle d'un processus complètement aléatoire. * L'extension de K aux processus hétérogènes, dans le cadre d'une typologie claire des statistiques (absolues, relatives, topographiques). Lorsque la position exacte des objets n'est pas connue, mais que des effectifs par zone sont disponibles (par exemple des nombres d'arbres par parcelle), la théorie de l'information est utilisée pour définir un cadre général permettant de caractériser la structure spatiale (des espèces dans les parcelles) et la diversité (des parcelles, en termes d'espèces) comme deux aspects d'une même mesure d'inégalité. Ce cadre est appliqué à l'indice de biodiversité de Shannon pour définir clairement la mesure de diversité bêta, son calcul direct indépendamment de la différence entre diversités gamma et alpha, et fournir un test statistique de non nullité. La voie est ouverte pour l'application à d'autres mesures de diversité et de structure spatiale. En conclusion, il semble clair que ces outils de caractérisation sont un premier pas pour traiter les questions écologiques, leur développement étant toujours du domaine de la recherche. Ils sont cependant très insuffisants pour répondre à des questions liées aux processus écologiques, assez éloignés des processus ponctuels qui ignorent l'aspect temporel de l'installation des objets.
https://pastel.archives-ouvertes.fr/pastel-00540327

NNT : 2010AGPT0075
pastel-00540327
https://pastel.archives-ouvertes.fr/pastel-00540327
https://pastel.archives-ouvertes.fr/pastel-00540327/document
https://pastel.archives-ouvertes.fr/pastel-00540327/file/13_Marcon2010.pdf

Éditeur(s) : HAL CCSD Elsevier
Résumé : International audience
We review the evolution of concepts on and methods of estimating the state of stress from fault movements. Theories of failure in isotropic materials suggested a simple geometrical construction of optimal principal stress directions from a fault plane and its associated slip. These optimal directions align shear stress and slip directions and maximize the difference between shear stress and frictional resistance on the fault plane. Optimal stress directions for calcite twinning are obtained by a similar construction, with the difference that they maximize shear stress. Force representation of seismic sources independently introduced pressure, P, and tension, T, axes at positions that also maximize shear stress on both nodal planes. Frictional slip theory and the constraint that slip and shear stress directions be parallel allowed to address reactivation of pre-existing faults. This suggested that stress could also be inverted from reactivated fault and slip data or earthquake focal mechanisms. Early methods relied on geometrical constructions as a substitute for calculations, whereas later methods relied on software as these calculations became tractable with the help of computers. Similar methods were developed for the inversion of stress from crystal twin gliding with non-optimal geometry, with a different criterion that relies on a threshold of the component of shear stress along the gliding line. Even though these methods seek a common stress tensor compatible with fault and slip data, their main use is to separate polyphase data into homogeneous subsets and help deciphering complex tectonic histories. Fault and slip data can also be analyzed to constrain the strain rather than the stress tensor. In most cases this involves a summation and yields an average strain for the considered rock volume. Stress inversion thus appears better suited for differentiating heterogeneous data whereas strain analysis appears better suited for homogenizing them.
ISSN: 0040-1951

hal-00759043
https://hal.archives-ouvertes.fr/hal-00759043
DOI : 10.1016/j.tecto.2012.02.009